HPCL was down 4 percent while ONGC gained 1.6 percent after cabinet gave ONGC in-principle approval to buy government’s stake in HPCL.
12:55 pm Bajaj Auto in focus: Two-wheeler and three-wheeler maker Bajaj Auto has reported mixed set of earnings on Thursday. Profit fell by 5.6 percent year-on-year to Rs 924 crore in the quarter ended June 2017, which was almost in line with expectations. Bottomline was partly supported by other income.
Revenue was ahead of estimates, though it fell 3.9 percent to Rs 5,854 crore compared with Rs 6,089 crore in same quarter last year following decline in sales volumes.
The company sold 8.88 lakh units during the quarter, which slipped 10.7 percent compared with 9.94 lakh units sold in year-ago quarter.
Revenue was ahead of estimates, though it fell 3.9 percent to Rs 5,854 crore compared with Rs 6,089 crore in same quarter last year following decline in sales volumes.
The company sold 8.88 lakh units during the quarter, which slipped 10.7 percent compared with 9.94 lakh units sold in year-ago quarter.
The company missed expectations on operational front. Operating profit dropped 20.2 percent year-on-year to Rs 938.3 crore and margin declined 330 basis points to 17.2 percent in June quarter, which was much lower than CNBC-TV18 poll estimates of Rs 1,075 crore and 20 percent, respectively.
12:25 pm Earnings: ABB India has reported a solid earnings performance as profit grew by nearly 35 percent year-on-year to Rs 75 crore in April-June quarter, backed by strong operational growth. The stock price rallied 6.6 percent intraday.
Revenue during the quarter increased 6 percent to Rs 2,361.50 crore compared with Rs 2,226.2 crore in same quarter last fiscal, with order inflow growth of 13 percent YoY.
Operating profit shot up 29.7 percent year-on-year to Rs 147.3 crore and margin expanded by 120 basis points to 6.6 percent in June quarter.
12.02 pm Market Check: Equity benchmarks continued to trade in a tight range in noon, with the Nifty hovering around 9900 level and the Sensex around 32000-mark. Investors look for more corporate earnings. Reliance Industries, Wipro and Bajaj Auto will announce June quarter earnings later today.
The 30-share Sensex was up 15.53 points at 31,970.88 and the 50-share NSE Nifty fell 1.60 points to 9,898.
The market breadth was moderately positive as about 1,251 shares advanced against 1,146 declining shares on the BSE.
Axis Bank topped the buying list among Sensex stocks, up 3 percent followed by L&T, Reliance Industries, HDFC Bank and ONGC while Infosys, Asian Paints, TCS, Tata Steel, HDFC and ITC were under pressure.
Kotak Mahindra Bank trimmed gains to 0.4 percent from 2 percent after missed analysts' expectations on profit front.
11:45 am Earnings Estimates: Reliance Industries is all set to announce its earnings for the quarter ended June 2017 today.
The Mukhesh Ambani Group company is expected to report consolidated net profit at Rs 7,960 crore for the quarter against Rs 8,053 crore in previous quarter. Appreciation in rupee against US dollar may hurt net numbers, analysts feel.
According to average of estimates of analysts polled by CNBC-TV18, gross refining margin is seen at USD 11 a barrel for the quarter against USD 11.5 a barrel in March quarter, impacted by a reduction in light-heavy differential.
11:26 am IPO: HDFC Life, the part of country's largest housing finance company HDFC, has filed a draft for initial public offering with Insurance Regulatory and Development Authority, according to CNBC-TV18 reports quoting unnamed sources.
The insurance regulator is likely to issue in-principle approval to HDFC Life IPO by next week.
Both shareholders mortgage lender HDFC & Standard Life Plc are likely to dilute stake in ratio of 3:1 through IPO.
HDFC owns 61.65 percent stake and Standard Life holds 35 percent in HDFC Life Insurance.
After failure to get approval from shareholders as well as insurance regulator for the merger of HDFC Life and Max Life, HDFC decided to go for IPO of its life insurance business.
12:25 pm Earnings: ABB India has reported a solid earnings performance as profit grew by nearly 35 percent year-on-year to Rs 75 crore in April-June quarter, backed by strong operational growth. The stock price rallied 6.6 percent intraday.
Revenue during the quarter increased 6 percent to Rs 2,361.50 crore compared with Rs 2,226.2 crore in same quarter last fiscal, with order inflow growth of 13 percent YoY.
Operating profit shot up 29.7 percent year-on-year to Rs 147.3 crore and margin expanded by 120 basis points to 6.6 percent in June quarter.
12.02 pm Market Check: Equity benchmarks continued to trade in a tight range in noon, with the Nifty hovering around 9900 level and the Sensex around 32000-mark. Investors look for more corporate earnings. Reliance Industries, Wipro and Bajaj Auto will announce June quarter earnings later today.
The 30-share Sensex was up 15.53 points at 31,970.88 and the 50-share NSE Nifty fell 1.60 points to 9,898.
The market breadth was moderately positive as about 1,251 shares advanced against 1,146 declining shares on the BSE.
Axis Bank topped the buying list among Sensex stocks, up 3 percent followed by L&T, Reliance Industries, HDFC Bank and ONGC while Infosys, Asian Paints, TCS, Tata Steel, HDFC and ITC were under pressure.
Kotak Mahindra Bank trimmed gains to 0.4 percent from 2 percent after missed analysts' expectations on profit front.
11:45 am Earnings Estimates: Reliance Industries is all set to announce its earnings for the quarter ended June 2017 today.
The Mukhesh Ambani Group company is expected to report consolidated net profit at Rs 7,960 crore for the quarter against Rs 8,053 crore in previous quarter. Appreciation in rupee against US dollar may hurt net numbers, analysts feel.
According to average of estimates of analysts polled by CNBC-TV18, gross refining margin is seen at USD 11 a barrel for the quarter against USD 11.5 a barrel in March quarter, impacted by a reduction in light-heavy differential.
11:26 am IPO: HDFC Life, the part of country's largest housing finance company HDFC, has filed a draft for initial public offering with Insurance Regulatory and Development Authority, according to CNBC-TV18 reports quoting unnamed sources.
The insurance regulator is likely to issue in-principle approval to HDFC Life IPO by next week.
Both shareholders mortgage lender HDFC & Standard Life Plc are likely to dilute stake in ratio of 3:1 through IPO.
HDFC owns 61.65 percent stake and Standard Life holds 35 percent in HDFC Life Insurance.
After failure to get approval from shareholders as well as insurance regulator for the merger of HDFC Life and Max Life, HDFC decided to go for IPO of its life insurance business.
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